Independent Scotland needs new currency – MPs

A stand-alone Scottish currency would be the best way forward for the country after independence, a report by MPs has suggested. The SNP government wants to share the pound with the UK in a currency union after independence, keeping the Bank of England safety net.
This has been ruled out by all the main parties at Westminster, and today’s report by the Scottish affairs select committee says there will be no currency union “of any kind”. The report says First Minister Alex Salmond’s Plan B for currency is “sterlingisation” – whereby Scotland would use the pound in the same way that Panama uses the US dollar, without formal links………………………………………..Full Article: Source